To clean, shine, and detail a car to perfection. On average a 2-4 hour job cleaning the inside, outside, and underside. The industry standard set by Frayz2buckets is the last 2 buckets of water used must remain clear hence the name.

Hello Bob are you busy tomorrow, Yeah sorry mate its my usual Saturday morning bufty session, are you doing a frayz2buckets, Yeah sorry, OK mate I will see you at the posers cruise.

Possessing old-school class - that which money simply can't buy. What the elder members of the aristocracy possess in busloads, typically involving enormous moustaches and inpenetrably posh accents.
What a lot of Americans (particularly those who go to Oxbridge or Ivy League universities) absolutely love.